Mitir Patel/Insights/September 14, 2026
Inside the city limits, the market is firmer than the county
Last week I shared that bidding wars were easing across Cook County. Inside Chicago itself, the picture is firmer.
In August, city homes sold for about 1.4% above their asking price, on average. A year ago, they were selling right around asking. Over the summer, prices were up about 9% from last year, and homes sold a bit faster — 49 days versus 52.
Mortgage rates also edged up, to 6.76% as of September 10, from 6.71% the week before. On a typical city home with 20% down, that's roughly $11 more a month — real, but small.
If you're shopping in the city, don't count on offering below asking for a fresh listing. Your room to negotiate is mostly on homes that have been sitting a while, so check how long a place has been listed before you write an offer.
Curious how your neighborhood compares? Just ask.
Where the numbers come from
- Sale-to-list price, City of Chicago — 101.4% of list, +1.5 pts YoY (so ~99.9% a year ago) — written as "about 1.4% above asking" and "right around asking" a year ago (as of August 2026) · Redfin Chicago housing market page
- Median sale price, City of Chicago — $426,255, +9.3% YoY — written as "up about 9%" (as of Three months ending August 2026 (hence "over the summer")) · Redfin, same page
- Days on market, City of Chicago — 49 days vs 52 days a year earlier (as of Three months ending August 2026) · Redfin, same page
- "Bidding wars easing across Cook County" (callback to last week) — 43.2% sold above list in Aug 2026, down from 48.6% in July; re-confirmed this run (as of August 2026 (published Sept 8, 2026)) · Redfin
- 30-year fixed mortgage rate — 6.76% (prior week 6.71%; 6.35% a year ago) (as of Sept 10, 2026) · Freddie Mac PMMS
- "$11 more a month" — Illustration, not a market statistic: principal + interest on an 80% loan against the $426,255 Chicago median, 30-year term. $2,214.01/mo at 6.76% vs $2,202.69/mo at 6.71% = $11.33. Excludes taxes and insurance. (as of Computed Sept 14, 2026 from the two figures above) · —
Thinking about buying or selling in Chicago?
These notes are the plain-language version of what I watch every week. If you want it applied to your own budget, your block, or your building, send a note — no pressure and no pitch.
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